Qatar eyes right price for Turkey's Denizbank

Finance minister says Qatar National Bank deal could be completed by end of 2012
Qatar eyes right price for Turkey's Denizbank
Dexia has struggled in the wake of the eurozone debt crisis
By Reuters
Sun 29 Jan 2012 09:10 PM

Qatar's finance minister, who is also the chairman of Qatar National Bank, said on Sunday QNB could buy Turkey's Denizbank by year's end if the "price is right".

Asked if he hoped the purchase may be completed by the end of the year, Youssef Kamal said: "If the price is right."

Kamal said QNB, the Gulf Arab state's largest lender, did not immediately plan any other acquisition.

On Tuesday, Denizbank, Franco-Belgian bank Dexia's Turkish unit, said the process to sell it could be pulled if offers were not high enough.

On January 9, HSBC pulled out of the bidding to buy Denizbank, a person familiar with the matter said.

HSBC and Qatar National Bank had been frontrunners to buy the business and were conducting checks on it, sources had told Reuters.

The business was expected to fetch up to $6bn and would be QNB's largest acquisition to date.

Qatar, the world's top exporter of liquefied natural gas, has repeatedly made acquisitions overseas.

Sovereign wealth fund Qatar Investment Authority (QIA) is in the final stages of acquiring Credit Suisse's headquarters in London and may sign the deal in a few weeks, two sources familiar with the matter said, in a deal which could be worth £330m ($517m).

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